Restricting content creation by vocabulary

I have a content type and what I wanted to do was use taxonomy to create a list of terms. The problem is I dont want all users that can add content for this content type to see all the terms. Currently it seems like that is how it works. If you can add to this content type you see all the terms. Is there any notion of access control by term/vocabulary as opposed to just entire content type? So maybe an admin could go into the list of content and reassign some posts to different terms if deemed necessary. An editor concept.

Ultimately, we want to have a "Featured Post" concept, but I think what we want may be too complicated for the 'sticky' notion. At the very least we lose the ease with which that works now. I supposed if we just had multiple sticky posts and figured out a way to still restrict the home page sticky to just show one I could use views on other pages to display accordingly.

Thanks,
ken